Credit Union Times Magazine June-09, 2004

In Other News

  • SCHOLARSHIP

    IFF Credit Union, Union Beach, N.J., has announced this year's IFF CU Scholarship Award recipients. Students were selected based on scholastic achievement and community service. This year's winners are Kerri Silva and Justin Cocuzza. 1st Advantage Federal Credit Union, Newport News, R.I., has presented scholarship to a four Peninsula High...

  • AWARDS

    America's Christian Credit Union, Brea, Calif., Marketing Coordinator Scott D. DePrat has been named Employee of the Year. DePrat was instrumental in the credit union's smooth adoption of a new name and field of membership marketing strategy in 2003. In addition, DePrat has developed and enhanced ACCU's Web site and...

News

  • So-Called Penalty APRs Climbing, CardWeb reports

    ARLINGTON, Va. - Cardweb.com, a Web site which tracks different card trends, has reported that big card issuers have once again hiked their so-called "penalty" annual percentage rates which they say they reserve only for cardholders who miss payments. Cardweb reported that these APRs had increased from an average of...

  • Emory FCU Learns the Value of Platinum

    DECATUR, Ga. - Platinum has been a sterling performer for Emory FCU's credit card program. The $100 million credit union says for its upscale Atlanta membership (19,000 of them), the platinum card has the right mix of benefits and panache. Emory, based in Decatur, Georgia, serves the Emory University community,...

  • Three More CUs Point The Way to Successful Card Management

    ARLINGTON, Va. - As the question of whether or not a credit union should sell its card portfolio remains active, more credit unions which have had success with their card programs have stepped forward to tell others how they have done it. Executives from three credit unions, the $4.7 billion...

  • Risk-Based Credit Cards are Permissible FCU Activity

    ALEXANDRIA, Va. - In response to a request from an Omaha, Neb. law firm, NCUA stated in a legal opinion letter (04-0325) that federal credit unions may use a risk-based structure for their credit card programs and are not currently required to make any disclosures about pricing. "A risk-based pricing...

  • FDIC Seeks Public Comment on Stored Value Cards as "Deposits;" NCUA Not to Pursue Yet

    ALEXANDRIA, Va.-The Federal Deposit Insurance Corporation has asked the public for their opinion on whether stored value card funds should qualify as deposits under the Federal Deposit Insurance Act. Financial Institution Letter FIL-44-2004 states that the FDIC has proposed that funds placed in a bank or thrift by a sponsoring...

  • PSCU Financial Services Golf Tournament Benefits CMN

    ST. PETERSBURG, Fla. - PSCU Financial Services has teed up to raise over $14,000 for the Children's Miracle Network. More than 95 golfers participated in the PSCU Financial Services Annual Golf Benefit. Proceeds will provide underwriting support for three hospitals to include Children's Hospital in Clearwater, Florida; the Phoenix Children's...

  • Metavante Certifies NCR's No-Envelope Technology

    DAYTON, Ohio -Metavante, which manages 9,000 ATMs across the country, has certified NCR's "No-envelope" deposit technology. Metavante of course is becoming a bigger player in the EFT market with its plans to acquire NYCE for $610 million. Metavante has certified NCR's bunch-note acceptor component and iTRAN 1000 check-processing module, which...

  • Tranax Announces Processor Certifications for MBS5000 Series Of ATMs

    FREMONT, Calif. - Tranax Technologies, Inc. announced a number of high profile ATM network processor certifications for the MBS5000 Series of ATMs. Certifications include Fifth Third Processing Solutions, Metavante, Jack Henry & Associates, Fiserv Bowling Green, Genpass, Intrieve, Shazam ITS, and Core Data. Tranax markets the MBS5000 as a solid...

  • Special Report: EFT:Credit/Debit/ATM

    The EFT world continues to get more competitive. Read the latest news in the special report from pages 20-26.

  • MasterCard Expands Business Debit Program

    PURCHASE, N.Y. - MasterCard has added two rewards programs and employee incentives to help it continue to build its business debit card product. The two new rewards programs will let small business debit card users earn points toward rewards with their card use and offer a cash incentive for activating...

  • Cardholders Skimmed at Gas Stations

    LAKELAND, Fla. - Police are investigating an incident where 10 debit cardholders had their card data and personal identification numbers stolen at a gas station's pumps into which thieves had inserted skimming devices, according to WESH, a local news outlet. The devices, which could not be seen from outside the...

  • Lending Is Back

    Credit union lending had been showing signs of life, but the latest stats show it is definitely picking up. Page 6.

  • CO-OP Network Expands ATM Reach on East Coast

    ONTARIO, Calif. - CO-OP Network member credit unions will be able to offer their members access to 1,000 more ATMs from Maine to Florida based on a new deal signed last week. CO-OP Network formed a branding deal with TRM Corporation, which has ATMs located in The Pantry and Cumberland...

  • Misspelled Instructions Lead To ATM Fraud Detection

    MARYVILLE, Tenn. - Alert cardholders who observed that a notice on their ATM contained a misspelling helped stop a skimming scam at the ATM. According to a story in the Maryville Daily Times, the cardholders grew suspicious about a notice which read "due to recent fraud attempts at this ATM...

  • ORNL FCU Signs with PSCU For Debit

    OAK RIDGE, Tenn. - ORNL Federal Credit Union, a $730 million credit union based in Oak Ridge and Tennessee's third largest CU, has signed an agreement to convert its 58,000 ATM accounts to PSCU Financial Services' debit platform, PSCU announced. Following the conversion, PSCU Financial Services will process both signature...

  • Philadelphia Thieves Make Off With Whole ATMs

    PHILADELPHIA - A gang of thieves in Philadelphia has hit 30 stores across the city for their ATMs in the last six months, walking out with the entire machine according to WPVI, a local news affiliate. In the latest case the thieves used a grinder to cut through the door...

  • Members 1st FCU takes ATM Service on the Road

    MECHANICSBURG, Pa. - Members 1st Federal Credit Union is ready to provide Southcentral Pennsylvania members "curbside service" with its new Mobile ATM. A 20-foot van houses two withdrawal-only ATMs. The ATM on wheels will make its rounds at community events throughout the area.

  • Facilities Make or Break Credit Union Growth Plans

    WEST PALM BEACH, Fla. -From making a great first impression with the branch to estimates of the costs involved with various retail delivery systems the key branching issue boils down to how well credit union branches are positioned for growth. Here is a glimpse at what is going on in...

  • Another Credit Union Portfolio Sold

    PORTLAND, Ore. - AssetExchange has brokered the sale of yet another credit union credit card portfolio. This time it's a $2 million portfolio from the $52 million Horizons North CU based in Northglenn, Colorado. AssetExchange said it was able to get the CU multiple offers on its portfolio, indicating that...

News Briefs

Special Report

Opinions

Letters to the editor

Publisher's Column

  • Truth Or Consequences When CUs Convert Charters

    The stepped up pace of credit union charter conversions from federal to state, state to federal, and both state and federal to bank charters, has caused several unexpected consequences. At one point there seemed to be a flood of conversions away from the federal charter to what was considered to...

Opinion

Looking Back

  • Credit Union Times Vol. 1, No. 12 June 11, 1990

    Looking back 14 years ago finds the American Bankers Association charging that a CUNA program to win bankers' signatures on statements of support violates antitrust laws. "Failing to make clear that your association is not advocating economic retaliation against those who do not sign the support statement could quickly raise...

People

  • MIDWEST

    Illinois Credit Union League, Naperville, has elected the following officers to its board: Jack Teausant, chairman; Carl Sorgatz, vice chairman; and John Bratsakis secretary/treasurer. In addition, Crayton Achelpohl and Joyce Walker have been named board directors. Finally, the Credit Union Political Action Council has elected the following officers to its...

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